Can AI Help Catch Tax Fraud? The IRS Has Been Testing That for Years

Republicans on the U.S. House’s Ways and Means Committee want the IRS to use AI technologies to help enforce tax laws. Two committee members have introduced the DETECT Act, which would charge the Government Accountability Office with studying AI-assisted tax fraud detection methods and report on their potential to help the IRS detect tax fraud. […]

IRS Says 3 Minutes. Taxpayers Say 19. What’s the Truth?

If you called the IRS during the recent tax season, how long did you wait to speak to a representative? The Treasury Inspector General for Tax Administration (TIGTA) says that though the IRS reports an average wait time of three minutes, many taxpayers wait longer. According to TIGTA, during the 2024 tax season, the IRS […]

50% Tariffs on EU Steel & Aluminum: U.S. Finalizes Trade Deal Terms

Last month, the U.S. and the European Union (EU) announced the “framework” of a trade deal regarding tariffs. Since then, officials have been hashing out the details. Those details have now been announced. In a nutshell, the U.S. is imposing 15% tariffs on most EU goods (50% tariffs on steel and aluminum). This includes pharmaceuticals, […]

Clean Energy Tax Breaks Are Ending Sooner Than You Think ⚠️

The expiration dates of several clean energy tax credits and deductions have been accelerated under the One Big Beautiful Bill Act. The IRS has published a fact sheet (FS 2025-05) on the expiring credits and deductions in the form of frequently asked questions (FAQs). Specifically, the FAQs list the termination dates of seven clean energy […]

Above the Line or Below? Why It Matters for Your Taxes

During the lengthy debate over provisions of the One Big Beautiful Bill Act, we often heard tax deductions described as “above-the-line” or “below-the-line.” What’s the difference? The “line” refers to the place on your tax return that lists adjusted gross income (AGI). Above-the-line deductions reduce income before calculating AGI. This can lower taxable income and […]

Thinking of Donating to a Foundation You Run? Read This First.

Tax law permits taxpayers to deduct donations to qualified charities, but the donor must be able to prove the donation. For cash gifts of $250 or more, you’ll need a timely letter from the charity that states the amount, date, whether any goods or services were received in exchange and, if so, their value. One […]

Big Changes for Corporate Giving: Are You Ready for the 1% Rule?

One of the changes made by the One Big Beautiful Bill Act is to the tax treatment of charitable donations made by corporations. For tax years after 2025, corporations may deduct charitable contributions only to the extent that the contributions (in aggregate) exceed 1% of that tax year’s taxable income. The deduction can’t exceed 10% […]

Tax Court Clarifies: Compensation Stock May Still Be Taxable

In a recent case, the U.S. Tax Court ruled that a taxpayer must include the value of employer stock in gross income reported to the IRS. The taxpayer claimed that the transfer of stock by her former employer violated agreements in place. She emphasized that the stock transfer was erroneous and, therefore, she didn’t owe […]

💡 Summer Camp May Cut Your Tax Bill: Don’t Miss the Child Care Credit

Did you send your child to day camp this summer? You may be able to offset some of the costs by claiming the Child and Dependent Care Tax Credit. For middle-income-and-higher taxpayers, for 2025, the credit generally equals 20% of the first $3,000 of qualified expenses for one child or 20% of up to $6,000 […]

Act Now or Miss Out: Clean Energy Tax Credit Rules Tighten

The One Big Beautiful Bill Act eliminates the Clean Electricity Investment Credit (Sec. 48E) and the Clean Electricity Production Credit (Sec. 45Y) for wind and solar facilities placed in service after 2027, unless construction begins on or before July 4, 2026. The IRS has provided guidance (IRS Notice 2025-42) on what constitutes the “beginning of […]